For the quarter ended December 31, 2017, net earnings were $856.6 million.
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WASHINGTON, Jan. 30, 2018 /PRNewswire/ -- Danaher (NYSE: DHR) today announced results for the fourth quarter and full year 2017. For the quarter ended December 31, 2017, net earnings were $856.6 million, or $1.21 per diluted share which represents a 13.0% year-over-year increase. Non-GAAP adjusted diluted net earnings per share for the quarter ended December 31, 2017 were $1.19. This represents a 13.5% increase over the comparable 2016 period. For the fourth quarter 2017, revenues increased 11.0% year-over-year to $5.1 billion, with non-GAAP core revenue growth of 5.5%. For the full year 2017, net earnings were $2.5 billion, or $3.50 per diluted share which represents a 13.5% year-over-year increase. Non-GAAP adjusted diluted net earnings per share for 2017 was $4.03 per share, which represents an 11.5% increase over the comparable 2016 amount. Revenues for the full year 2017 increased 8.5% to $18.3 billion, with non-GAAP core revenue growth of 3.5%. The Company generated strong operating cash flow of $3.5 billion for the full year 2017. For the first quarter of 2018, the Company anticipates that diluted net earnings per share will be in the range of $0.71 to $0.74 and non-GAAP adjusted diluted net earnings per share will be in the range of $0.90 to $0.93. For the full year 2018, the Company anticipates that diluted net earnings per share will be in the range of $3.50 to $3.60. The Company continues to expect its 2018 non-GAAP adjusted diluted net earnings per share to be in the range of $4.25 to $4.35. Thomas P. Joyce, Jr., President and Chief Executive Officer, stated, "We are very pleased with our strong fourth quarter results. The team delivered 5.5% core revenue growth, solid margin expansion, and double-digit adjusted earnings per share growth. As we reflect back, 2017 was a year of accelerating revenue growth, solid margin improvement, continued growth investment, and great performance at our more recently acquired larger businesses. In addition, mid-teens growth in free cash flow helps position us for more significant capital deployment in 2018." Joyce continued, "As we look ahead, we believe that the strength of our portfolio, combined with the power of the Danaher Business System, provide us with the foundation for long-term shareholder value creation." Danaher will discuss its results during its quarterly investor conference call today starting at 8:00 a.m. ET. The call and an accompanying slide presentation will be webcast on the "Investors" section of Danaher's website, www.danaher.com, under the subheading "Events & Presentations." A replay of the webcast will be available in the same section of Danaher's website shortly after the conclusion of the presentation and will remain available until the next quarterly earnings call. The conference call can be accessed by dialing 800-239-9838 within the U.S. or by dialing +1-323-794-2551 outside the U.S. a few minutes before the 8:00 a.m. ET start and telling the operator that you are dialing in for Danaher's investor conference call (access code 9928573). A replay of the conference call will be available shortly after the conclusion of the call and until February 4, 2018. You can access the replay dial-in information on the "Investors" section of Danaher's website under the subheading "Events & Presentations." In addition, presentation materials relating to Danaher's results have been posted to the "Investors" section of Danaher's website under the subheading "Quarterly Earnings." All results in this release reflect only continuing operations unless otherwise noted. ABOUT DANAHER Danaher is a global science and technology innovator committed to helping its customers solve complex challenges and improving quality of life around the world. Its family of world class brands has leadership positions in some of the most demanding and attractive industries, including health care, environmental and industrial. With more than 20 operating companies, Danaher's globally diverse team of approximately 67,000 associates is united by a common culture and operating system, the Danaher Business System. For more information, please visit www.danaher.com. NON-GAAP MEASURES In addition to the financial measures prepared in accordance with generally accepted accounting principles (GAAP), this earnings release also contains non-GAAP financial measures. Calculations of these measures, the reasons why we believe these measures provide useful information to investors, a reconciliation of these measures to the most directly comparable GAAP measures and other information relating to these non-GAAP measures are included in the supplemental reconciliation schedule attached. FORWARD-LOOKING STATEMENTS Statements in this release that are not strictly historical, including the statements regarding the Company's anticipated financial performance for the first quarter and full year 2018, the Company's opportunities and positioning for 2018 and beyond and any other statements regarding events or developments that we believe or anticipate will or may occur in the future are "forward-looking" statements within the meaning of the federal securities laws. There are a number of important factors that could cause actual results, developments and business decisions to differ materially from those suggested or indicated by such forward-looking statements and you should not place undue reliance on any such forward-looking statements. These factors include, among other things, deterioration of or instability in the economy, the markets we serve and the financial markets, contractions or growth rates and cyclicality of markets we serve, competition, our ability to develop and successfully market new products and technologies and expand into new markets, the potential for improper conduct by our employees, agents or business partners, our compliance with applicable laws and regulations (including regulations relating to medical devices and the health care industry), our ability to effectively address cost reductions and other changes in the health care industry, our ability to successfully identify, consummate and integrate appropriate acquisitions and successfully complete divestitures and other dispositions, our ability to integrate the recent acquisitions of Pall Corporation and Cepheid and achieve the anticipated benefits of such transactions, contingent liabilities relating to acquisitions and divestitures (including tax-related and other contingent liabilities relating to the distributions of each of Fortive Corporation and our communications business), security breaches or other disruptions of our information technology systems or violations of data privacy laws, the impact of our restructuring activities on our ability to grow, risks relating to potential impairment of goodwill and other intangible assets, currency exchange rates, tax audits and changes in our tax rate and income tax liabilities, changes in tax laws applicable to multinational companies, litigation and other contingent liabilities including intellectual property and environmental, health and safety matters, the rights of the United States government to use, disclose and license certain intellectual property we license if we fail to commercialize it, risks relating to product, service or software defects, product liability and recalls, risks relating to product manufacturing, the impact of our debt obligations on our operations and liquidity, our relationships with and the performance of our channel partners, uncertainties relating to collaboration arrangements with third parties, commodity costs and surcharges, our ability to adjust purchases and manufacturing capacity to reflect market conditions, reliance on sole sources of supply, the impact of deregulation on demand for our products and services, labor matters, international economic, political, legal, compliance and business factors (including the impact of the UK's decision to leave the EU), disruptions relating to man-made and natural disasters, and pension plan costs. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in our SEC filings, including our 2016 Annual Report on Form 10-K and Quarterly Report on Form 10-Q for the third quarter of 2017. These forward-looking statements speak only as of the date of this release and except to the extent required by applicable law, the Company does not assume any obligation to update or revise any forward-looking statement, whether as a result of new information, future events and developments or otherwise.
DANAHER CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
Adjusted Diluted Net Earnings Per Share from Continuing Operations
------------------------------------------------------------------
Three-Month Period Ended Year Ended
December 31, December 31, December 31, December 31,
2017 2016 2017 2016
---- ---- ---- ----
Diluted Net Earnings Per Share from Continuing $1.21 $1.07 $3.50 $3.08
Operations (GAAP)
Pretax amortization of acquisition-related intangible assets A 0.24 0.22 0.94 0.83
Pretax gains on resolution of acquisition-related matters B,C (0.02) B - (0.02) B (0.02) C
Pretax gain on sales of investments D,E (0.10) D - (0.10) D (0.32) E
Pretax restructuring, impairment and other related charges - - 0.11 -
recorded in the second quarter of 2017 F
Pretax charge for early extinguishment of borrowings G - - - 0.26
Pretax acquisition-related transaction costs deemed - 0.12 - 0.12
significant, change in control payments and restructuring
costs and fair value adjustments to inventory and deferred
revenue H
Tax effect of all adjustments reflected above I (0.01) (0.09) (0.19) (0.21)
Discrete tax adjustments and other tax-related adjustments J,K (0.13) J (0.27) K (0.21) J (0.13) K
----- ----- ----- -----
Adjusted Diluted Net Earnings Per Share from $1.19 $1.05 $4.03 $3.61
Continuing Operations (Non-GAAP)
Forecasted Adjusted Diluted Net Earnings Per Share from Continuing Operations
-----------------------------------------------------------------------------
Three-Month Period Ending Year Ending
March 30, 2018
December 31, 2018
Low End High End Low End High End
------- -------- ------- --------
Forecasted Diluted Net Earnings Per Share from $0.71 $0.74 $3.50 $3.60
Continuing Operations (GAAP)
Anticipated pretax amortization of acquisition-related intangible assets A 0.24 0.24 0.95 0.95
Tax effect of all adjustments reflected above I (0.05) (0.05) (0.20) (0.20)
Forecasted Adjusted Diluted Net Earnings Per Share from $0.90 $0.93 $4.25 $4.35
Continuing Operations (Non-GAAP) (1)
(1) The forward-looking estimates
set forth above do not reflect
future gains and charges that
are inherently difficult to
predict and estimate due to
their unknown timing, effect
and/or significance, such as
certain future gains or losses
on the sale of investments,
acquisition or divestiture-
related gains or charges and
discrete tax items.
Revenue Performance
-------------------
Three-Month Period Year Ended
Ended December 31, December 31, 2017
2017 vs. Comparable vs. Comparable 2016
2016 Period Period
Total Revenue Growth from Continuing Operations (GAAP) 11.0% 8.5%
Less the impact of:
Acquisitions and other (2.5)% (4.5)%
Currency exchange rates (3.0)% (0.5)%
Core Revenue Growth from Continuing Operations (Non-GAAP) (2) 5.5% 3.5%
=== ===
(2) We use the term "core revenue" to
refer to GAAP revenue from
continuing operations excluding
(1) sales from acquired businesses
recorded prior to the first
anniversary of the acquisition
less the amount of sales
attributable to divested
businesses or product lines not
considered discontinued operations
("acquisition sales") and (2) the
impact of currency translation.
The portion of GAAP revenue from
continuing operations attributable
to currency translation is
calculated as the difference
between (a) the period-to-period
change in revenue (excluding
acquisition sales) and (b) the
period-to-period change in
revenue (excluding acquisition
sales) after applying current
period foreign exchange rates to
the prior year period. We use the
term "core revenue growth" to
refer to the measure of comparing
current period core revenue with
the corresponding period of the
prior year.
DANAHER CORPORATION
RECONCILIATION OF GAAP TO NON-
GAAP FINANCIAL MEASURES
(continued)
A Amortization of acquisition-related
intangible assets in the following
historical and forecasted periods ($
in millions) (only the pretax
amounts set forth below are
reflected in the amortization line
item above):
Forecasted
Three-Month Period Ended Year Ended Three-Month Year Ending
Period Ending
-------------
December 31, December 31, December 31, December 31, March 30, 2018 December 31,
2017 2016 2017 2016 2018
---- ---- ---- ---- ----
Pretax $167.7 $156.5 $660.5 $583.1 $170.1 $679.9
After-tax 132.5 123.9 523.5 449.7 134.4 537.1
B Net gains on resolution of
acquisition-related matters in the
Life Sciences and Diagnostics
segments ($11 million pretax as
presented in this line item, $8
million after-tax) for the three-
month period and year ended December
31, 2017.
C Gains on resolution of acquisition-
related matters ($18 million pretax
as presented in this line item, $14
million after-tax) for the year
ended December 31, 2016.
D Gain on sales of investments in the
three-month period and year ended
December 31, 2017 ($73 million
pretax as presented in this line
item, $46 million after-tax).
E Gain on sales of investments in the
year ended December 31, 2016 ($223
million pretax as presented in this
line item, $140 million after-tax).
F During the year ended December 31,
2017, the Company recorded $76
million of pretax restructuring,
impairment and other related charges
($51 million after-tax) primarily
related to the Company's strategic
decision to discontinue a molecular
diagnostic product line in its
Diagnostics segment. As a result,
the Company incurred noncash charges
for the impairment of certain
technology-related intangibles as
well as related inventory and plant,
property and equipment with no
further use totaling $49 million.
In addition, the Company incurred
cash restructuring costs primarily
related to employee severance and
related charges totaling $27
million. This is addressed in more
detail in the "Statement Regarding
Non-GAAP Measures."
G Charge for early extinguishment of
borrowings ($179 million pretax as
presented in this line item, $112
million after-tax) incurred in the
third quarter of 2016.
H Acquisition-related transaction
costs deemed significant ($12
million pretax as presented in this
line item, $9 million after-tax),
change in control payments and
restructuring costs ($49 million
pretax as presented in this line
item, $30 million after-tax), and
fair value adjustments to inventory
and deferred revenue ($23 million
pretax as presented in this line
item, $14 million after-tax), in
each case related to the
acquisitions of Cepheid and
Phenomenex and incurred in the
three-month period and year ended
December 31, 2016. The Company
deems acquisition-related
transaction costs incurred in a
given period to be significant
(generally relating to the Company's
larger acquisitions) if it
determines that such costs exceed
the range of acquisition-related
transaction costs typical for
Danaher in a given period.
I This line item reflects the aggregate
tax effect of all nontax adjustments
reflected in the table above. In
addition, the footnotes above
indicate the after-tax amount of
each individual adjustment item.
Danaher estimates the tax effect of
the adjustment items identified in
the reconciliation schedule above by
applying Danaher's overall estimated
effective tax rate to the pretax
amount, unless the nature of the
item and/or the tax jurisdiction in
which the item has been recorded
requires application of a specific
tax rate or tax treatment, in which
case the tax effect of such item is
estimated by applying such specific
tax rate or tax treatment.
J Discrete tax adjustments and other
tax-related adjustments for the
three-month period and year ended
December 31, 2017 include:
($ in millions) Three-Month Period Year Ended
Ended December 31, December 31, 2017
2017
----
Discrete income tax gains, primarily related to expiration of statute of limitations (1) $94 $129
Impact of ASU No. 2016-09, Compensation-Stock Compensation (2) - 16
Remeasurement of deferred tax assets and liabilities as a result of the Tax Cuts and Jobs Act of 1,219 1,219
2017 (3)
Transition tax on deemed repatriation of foreign earnings as a result of the Tax Cuts and Jobs Act (1,218) (1,218)
of 2017 4
$95 $146
=== ====
Represents (1) discrete income tax
gains, primarily related to expiration
of statute of limitations ($94 million
in the three-month period ended
December 31, 2017 and $129 million in
the year ended December 31, 2017), (2)
equity compensation-related excess tax
benefits ($16 million in the year ended
December 31, 2017), (3) remeasurement
of deferred tax assets and liabilities,
net related to enactment of the Tax
Cuts and Jobs Act ($1.2 billion gain in
the three-month period and year ended
December 31, 2017), and (4) transition
tax on deemed repatriation of foreign
earnings in connection with enactment
of the Tax Cuts and Jobs Act ($1.2
billion provision in the three-month
period and year ended December 31,
2017).
On January 1, 2017, Danaher adopted the
updated accounting guidance required by
ASU No. 2016-09, Compensation-Stock
Compensation, which requires income
statement recognition of all excess tax
benefits and deficiencies related to
equity compensation. We exclude from
Adjusted Diluted Net EPS any excess tax
benefits that exceed the levels we
believe are representative of historical
experience. In the first quarter of
2017, we anticipated $10 million of
equity compensation-related excess tax
benefits and realized $26 million of
excess tax benefits, and therefore we
have excluded $16 million of these
benefits in the calculation of Adjusted
Diluted Net Earnings per Share. In the
second, third and fourth quarters of
2017, realized equity compensation-
related excess tax benefits approximated
the anticipated benefit and no
adjustments were required.
K Discrete income tax gains net of
discrete income tax charges incurred in
the three-month period ended December
31, 2016 ($190 million). Discrete
income tax gains net of discrete income
tax charges and Fortive separation-
related tax costs related to
repatriation of earnings and legal
entity realignments incurred in the
year ended December 31, 2016 ($91
million).
Statement Regarding Non-GAAP Measures Each of the non-GAAP measures set forth above should be considered in addition to, and not as a replacement for or superior to, the comparable GAAP measure, and may not be comparable to similarly titled measures reported by other companies. Management believes that these measures provide useful information to investors by offering additional ways of viewing Danaher Corporation's ("Danaher" or the "Company") results that, when reconciled to the corresponding GAAP measure, help our investors to:
Management uses these non-GAAP measures to measure the Company's operating and financial performance, and uses a non-GAAP measure similar to Adjusted Diluted Net EPS in the Company's executive compensation program. The items excluded from the non-GAAP measures set forth above have been excluded for the following reasons:
DANAHER CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (unaudited)
($ and shares in millions, except per share amount)
As of December 31
2017 2016
---- ----
ASSETS
Current assets:
Cash and equivalents $630.3 $963.7
Trade accounts receivable, less allowance for doubtful accounts of $116.1 and $102.4, 3,521.8 3,186.1
respectively
Inventories 1,840.8 1,709.4
Prepaid expenses and other current assets 857.1 805.9
Total current assets 6,850.0 6,665.1
Property, plant and equipment, net 2,454.6 2,354.0
Other assets 538.3 631.3
Goodwill 25,138.6 23,826.9
Other intangible assets, net 11,667.1 11,818.0
Total assets $46,648.6 $45,295.3
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Notes payable and current portion of long-term debt $194.7 $2,594.8
Trade accounts payable 1,509.9 1,485.0
Accrued expenses and other liabilities 3,087.7 2,794.2
Total current liabilities 4,792.3 6,874.0
Other long-term liabilities 5,161.1 5,670.3
Long-term debt 10,327.4 9,674.2
Stockholders' equity:
Common stock - $0.01 par value, 2.0 billion shares authorized; 812.5 and 807.7 issued; 8.1 8.1
696.6 and 692.2 outstanding, respectively
Additional paid-in capital 5,538.2 5,312.9
Retained earnings 22,806.1 20,703.5
Accumulated other comprehensive income (loss) (1,994.2) (3,021.7)
-------- --------
Total Danaher stockholders' equity 26,358.2 23,002.8
Noncontrolling interests 9.6 74.0
--- ----
Total stockholders' equity 26,367.8 23,076.8
-------- --------
Total liabilities and stockholders' equity $46,648.6 $45,295.3
========= =========
This information is presented for reference only. Final audited financial statements will include footnotes, which should be referenced when available, to more fully understand the contents of this information.
DANAHER CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS (unaudited)
($ and shares in millions, except per share amounts)
Three-Month Period Ended Year Ended December 31
December 31
2017 2016 2017 2016
Sales $5,085.7 $4,584.3 $18,329.7 $16,882.4
Cost of sales (2,246.6) (2,084.3) (8,137.2) (7,547.8)
-------- -------- -------- --------
Gross profit 2,839.1 2,500.0 10,192.5 9,334.6
Operating costs:
Selling, general and administrative expenses (1,594.1) (1,503.4) (6,042.5) (5,608.6)
Research and development expenses (298.9) (268.0) (1,128.8) (975.1)
Operating profit 946.1 728.6 3,021.2 2,750.9
Nonoperating income (expense):
Other income 72.8 - 72.8 223.4
Loss on early extinguishment of borrowings - - - (178.8)
Interest expense (41.8) (32.3) (162.7) (184.4)
Interest income 1.9 0.1 7.5 0.2
Earnings from continuing operations before income taxes 979.0 696.4 2,938.8 2,611.3
Income taxes (122.4) 50.6 (469.0) (457.9)
------ ---- ------ ------
Net earnings from continuing operations 856.6 747.0 2,469.8 2,153.4
Earnings from discontinued operations, net of income taxes - - 22.3 400.3
--- --- ---- -----
Net earnings $856.6 $747.0 $2,492.1 $2,553.7
====== ====== ======== ========
Net earnings per share from continuing operations:
Basic $1.23 $1.08 $3.55 $3.12
Diluted $1.21 $1.07 $3.50 $3.08
Net earnings per share from discontinued operations:
Basic $ - $ - $0.03 $0.58
Diluted $ - $ - $0.03 $0.57
Net earnings per share:
Basic $1.23 $1.08 $3.58 $3.69 *
Diluted $1.21 $1.07 $3.53 $3.65
Average common stock and common equivalent shares
outstanding:
Basic 697.2 693.0 695.8 691.2
Diluted 707.6 701.9 706.1 699.8
* Net earnings per share amount does not add due to rounding.
This information is presented for reference only. Final audited financial statements will include footnotes, which should be referenced when available, to more fully understand the contents of this information.
DANAHER CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
($ and shares in millions)
Year Ended December 31
2017 2016
---- ----
Cash flows from operating activities:
Net earnings $2,492.1 $2,553.7
Less: earnings from discontinued operations, net of income taxes 22.3 400.3
---- -----
Net earnings from continuing operations 2,469.8 2,153.4
Noncash items:
Depreciation 577.8 545.0
Amortization 660.5 583.1
Stock-based compensation expense 139.4 129.8
Restructuring and impairment charges 56.1 12.0
Pretax loss on early extinguishment of borrowings - 178.8
Pretax gain on sales of investments (72.8) (223.4)
Change in deferred income taxes (426.9) (383.9)
Change in trade accounts receivable, net (161.4) (183.1)
Change in inventories (27.4) 9.4
Change in trade accounts payable (54.4) 78.1
Change in prepaid expenses and other assets 4.4 (62.4)
Change in accrued expenses and other liabilities 312.7 250.7
----- -----
Total operating cash provided by continuing operations 3,477.8 3,087.5
Total operating cash provided by discontinued operations - 434.3
--- -----
Net cash provided by operating activities 3,477.8 3,521.8
------- -------
Cash flows from investing activities:
Cash paid for acquisitions (385.8) (4,880.1)
Payments for additions to property, plant and equipment (619.6) (589.6)
Proceeds from sales of property, plant and equipment 32.6 9.8
Proceeds from sales of investments 137.9 264.8
All other investing activities (8.5) 21.9
---- ----
Total investing cash used in continuing operations (843.4) (5,173.2)
Total investing cash used in discontinued operations - (69.8)
--- -----
Net cash used in investing activities (843.4) (5,243.0)
------ --------
Cash flows from financing activities:
Proceeds from the issuance of common stock 68.8 164.5
Payment of dividends (378.3) (399.8)
Payment for purchase of noncontrolling interest (64.4) -
Make-whole premiums to redeem borrowings prior to maturity - (188.1)
Net (repayments of) proceeds from borrowings (maturities of 90 days or less) (3,778.5) 2,218.1
Proceeds from borrowings (maturities longer than 90 days) 1,782.1 3,240.9
Repayments of borrowings (maturities longer than 90 days) (668.4) (2,480.6)
All other financing activities (59.8) (27.0)
----- -----
Total financing cash provided by (used in) continuing operations (3,098.5) 2,528.0
Cash distributions to Fortive Corporation, net - (485.3)
--- ------
Net cash provided by (used in) financing activities (3,098.5) 2,042.7
-------- -------
Effect of exchange rate changes on cash and equivalents 130.7 (148.6)
----- ------
Net change in cash and equivalents (333.4) 172.9
Beginning balance of cash and equivalents 963.7 790.8
----- -----
Ending balance of cash and equivalents $630.3 $963.7
====== ======
Supplemental disclosure:
Distribution of noncash net assets to Fortive Corporation - (1,983.6)
This information is presented for reference only. Final audited financial statements will include footnotes, which should be referenced when available, to more fully understand the contents of this information.
DANAHER CORPORATION AND SUBSIDIARIES
SEGMENT INFORMATION (unaudited)
($ in millions)
Three-Month Period Ended Year Ended December 31
December 31
2017 2016 2017 2016
---- ---- ---- ----
Sales:
Life Sciences $1,625.1 $1,454.1 $5,710.1 $5,365.9
Diagnostics 1,623.9 1,431.8 5,839.9 5,038.3
Dental 758.8 739.3 2,810.9 2,785.4
Environmental & Applied Solutions 1,077.9 959.1 3,968.8 3,692.8
------- ----- ------- -------
Total $5,085.7 $4,584.3 $18,329.7 $16,882.4
======== ======== ========= =========
Operating Profit:
Life Sciences $324.3 $244.8 $1,004.3 $818.9
Diagnostics 316.7 180.1 871.6 786.4
Dental 99.3 113.8 400.7 419.4
Environmental & Applied Solutions 248.6 229.9 914.6 870.0
Other (42.8) (40.0) (170.0) (143.8)
----- ----- ------ ------
Total $946.1 $728.6 $3,021.2 $2,750.9
====== ====== ======== ========
Operating Margins:
Life Sciences 20.0% 16.8% 17.6% 15.3%
Diagnostics 19.5% 12.6% 14.9% 15.6%
Dental 13.1% 15.4% 14.3% 15.1%
Environmental & Applied Solutions 23.1% 24.0% 23.0% 23.6%
Total 18.6% 15.9% 16.5% 16.3%
This information is presented for reference only. Final audited financial statements will include footnotes, which should be referenced when available, to more fully understand the contents of this information.
View original content:http://www.prnewswire.com/news-releases/danaher-reports-fourth-quarter-and-full-year-2017-results-300589934.html SOURCE Danaher Corporation |
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Company Codes: NYSE:DHR |
